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Ryanair (RYA) +4%, EasyJet (EZJ) +3.91% amid surprise drop in UK COVID-19 cases
Ryanair’s (RYA) encouraging Q2 report and a surprise fall in UK COVID-19 cases raised the prospect of a late summer travel season as airlines traded higher.
UK airlines traded higher in London on Monday following a surprise drop in domestic COVID-19 cases and Ryanair’s (RYA) encouraging Q2 report that included a sharp rise in revenue.
Ryanair logged a €273m loss during the three months to June, but revenues soared from €125m a year ago to €371m as the industry finally started to get back on track.
The Irish low-cost carrier flew more than 8 million passengers in Q2, a massive increase from the 500,000 figure a year ago when the pandemic decimated travel.
Ryanair said that there is currently a “strong rebound” in demand in the sector that will continue into the autumn.
It now expects up to 100 million passengers to use its services this year, which is higher than the 80 million figure it previously guided for.
Chief executive Michael O’Leary added that 9 million people will fly with Ryanair this month and more than 10 million will do so in August.
Ryanair’s promising financial report came as the UK’s seven-day average for positive COVID-19 cases fell to 32,000, despite previous fears that the latest wave would not peak for a few more weeks.
“Ryanair’s results painted a rosy picture of the future for European air travel as vaccination passports open the door to a summer travel season,” Hargreaves Lansdown analyst Laura Hoy said in a note.
The good news filtered through to stock markets as a new week of trading got underway.
Ryanair shares jumped early on and were up around 4% at €16.35 by 3pm on the London Stock Exchange.
EasyJet (EZJ), British Airways parent IAG (ICAG), and Wizz Air (WIZZ) also made gains, rising 3.91%, 3.74% and 2.04%, respectively.
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